Announced Action for July 25, 1997

For Release

July 25, 1997

Commission action regarding petitions to reopen and modify FTC orders: Following a comment period, the FTC has ruled on a petition from the following:

The FTC has granted the petition of Commemorative Brands, Inc. (formerly Class Rings, Inc.) of Austin, Texas, and Castle Harlan Partners II, L.P., of New York City, to modify a December 1996 consent order to set aside a provision barring the petitioners, for one year, from employing or seeking to employ any person who is or was employed during 1996 by Gold Lance, Inc. or Town & Country Corporation. The consent order settled charges that Castle Harlan's purchase, through Class Rings, Inc., of the class ring divisions of Town & Country (including its Gold Lance division) and CJC Holdings, Inc. would have substantially reduced competition for commemorative class rings purchased by high school and college students. The order was intended in part to ensure that Town & Country, through Gold Lance, remained a viable independent competitor. The Commission granted the petition on grounds of changed conditions of fact: since the order became final, Jostens, Inc. purchased Gold Lance from Town & Country, and keeping the order provision in effect "would have the unintended effect of precluding Commemorative Brands from competing against the market leader Jostens for a significant number of skilled and experienced workers . . .," the Commission said. (See Sept. 24, 1996 news release for more details regarding the consent order; Docket No. C-3699; Commission vote to grant petition was 5-0.) Staff contact is Roberta Baruch, 202-326-2861.

Copies of the documents associated with this case are available on the FTC's web site at www.ftc.gov and also from its Public Reference Branch, Room 130, 6th Street and Pennsylvania Avenue, N.W., Washington, D.C. 20580; 202-326-2222; TTY for the hearing impaired 1-866-653-4261. To find out the latest news as it is announced, call the FTC NewsPhone recording at 202-326-2710.